Today, 333体育平台官网 has announced its half-year results for听the half-year ended 30 June 2017.听
Financial Highlights
- Underlying profit from operations (PFO) 拢39m (2016: 拢11m); on track for full-year expectations
- Half-year net cash 拢161m, average net cash 拢45m 鈥� without material investment disposals
- Underlying revenue 拢4.2bn, up 8% (1% at CER)
- Directors鈥� valuation of Investments portfolio up 1% at 拢1.235bn
- Interim dividend payment up 33% to 1.2 pence per share
Operational Highlights
- Build to Last Phase Two targets: on track for industry-standard margins in the second half of 2018
- Continued to simplify and focus the Group; exited Middle East
- Order book 拢11.4产苍, down 8% (6% at CER); selective bidding delivering higher margins and reduced risk
- 333体育平台官网 VINCI joint venture awarded two HS2 contracts in July, valued at c.拢2.5bn
- Strong pipeline for US and UK businesses
| (拢 million unless otherwise specified) | Half-year 2017 | Half-year 20164 | ||
|---|---|---|---|---|
| Underlying3 |
Total | Underlying3 | Total | |
| Revenue1,2 | 4,191 | 4,201 | 3,883 | 3,976 |
| Profit/(loss) from operations(PFO)2 |
39 | 29 | 11 | (17) |
| Pre-tax profit (loss)2 |
22 | 12 | 13 | (15) |
| Total profit (loss) | 23 | 20 | 14 | (11) |
| Profit (loss) per share |
3.3p | 2.9p | 2.0p | (1.6p) |
| Dividends per share | 听 | 1.2p | 听 | 0.9p |
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| Asset听 | HY 2017 | HY 20164听 | FY 20164 |
|---|---|---|---|
| Order book1,2,3 | 拢11.4产苍 | 听拢11.9bn | 拢12.4产苍 |
| Directors' valuation of Investments portfolio | 1,235 | 听1,249 | 1,220 |
| Net cash/(borrowings) 鈥� recourse | 161 | 听115 | 173 |
| Net cash/(borrowings) 鈥� non-recourse | 听(292) | 听(388) | 听(233) |
Leo Quinn, Group Chief Executive, commented: 鈥淭hese results demonstrate the transformation being driven by focusing 333体育平台官网 relentlessly on its chosen markets and capabilities. Profitability is rising, backed by positive cash flow from operations, and the Group had average net cash during the period; all achieved without any material investment disposals. The balance sheet remains strong, underpinned by the 拢1.2 billion Investments portfolio.
鈥淯nder stronger leadership and much improved bidding disciplines, the businesses are booking new orders at improved margins and reduced risk. Our infrastructure pipeline in the US and UK remains buoyant and the Group continues to win landmark contracts such as the Dallas Southern Gateway and HS2.
鈥淎ll of this gives us confidence that the Group remains on track to achieve industry-standard margins in the second half of 2018, and in line with this, we are declaring an interim dividend of 1.2 pence per share.鈥�
Notes:
1听including share of joint ventures and associates
2听from continuing operations
3听before non-underlying items (Note 7)
4听re-presented to classify the Group鈥檚 49% interests in Dutco 333体育平台官网 LLC and BK Gulf LLC as discontinued operations
Alternative performance measures (APM), including constant exchange rates (CER), are defined in the Measuring Our Performance section of the full document available online听.听
听
听听ENDS
Investor and Analyst enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
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Media enquiries:
Louise McCulloch
Tel. +44 (0)207 963 2150
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Investor and Analyst presentation:
A presentation to investors and analysts will be made at 58VE, 58 Victoria Embankment, London, EC4Y 0DS at 09:00 (UK time) on 16 August 2017. There will be a live webcast of this presentation.
Notes to editors:
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333体育平台官网听() is a leading international infrastructure group. With 30,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
Our main geographies are the UK, US and Far East. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics鈥� Aquatic Centre, Hong Kong鈥檚 first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
